A) is a lower limit to the quantity of a good that can be produced in a specified period. B) is an upper limit to the quantity of a good that can be produced in a specified period. C) is a payment made by a consumer to a producer. D) is a payment made by a producer to a consumer. E) is a payment made by the government to a producer. A) is a lower limit to the quantity of a good that can be produced in a specified period. B) is an upper limit to the quantity of a good that can be produced in a specified period. C) is a payment made by a consumer to a producer. D) is a payment made by a producer to a consumer. E) is a payment made by the government to a producer.

A) raises marginal social benefit above marginal social cost. B) makes marginal social cost equal marginal social benefit. C) results in efficient production. D) raises marginal social cost above marginal social benefit. E) makes world prices higher than domestic prices. A) raises marginal social benefit above marginal social cost. B) makes marginal social cost equal marginal social benefit. C) results in efficient production. D) raises marginal social cost above marginal social benefit. E) makes world prices higher than domestic prices.

Exam 6: Government Actions in Markets

Use the table below to answer the following questions. Table 6.5.1 The Market for a Prohibited Good -Refer to Table 6.5.1.If a $2-per-unit cost of breaking the law is imposed on buyers,the new price is and the new equilibrium quantity is units.

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(Multiple Choice)

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Question 1

Correct Answer:

Verified

Suppose the demand for CDs is elastic,but not perfectly elastic,and the supply is inelastic,but not perfectly inelastic.A tax on CDs is paid

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(Multiple Choice)

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Question 2

Correct Answer:

Verified

Complete the following sentence.A price floor set below the equilibrium price results in

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(Multiple Choice)

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Question 3

Correct Answer:

Verified

All of the following statements about legalizing and taxing drugs are true except

(Multiple Choice)

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Question 4

Use the table below to answer the following questions. Table 6.3.2 -Refer to Table 6.3.2.You are in the business of producing and selling hamburgers,French fries,pizza,and ice cream.The mayor of your city plans to impose a sales tax on one of these products.Based on the elasticities in the table,on which of these goods would your customers prefer to be taxed?

(Multiple Choice)

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Question 5

If the government imposes a maximum rent for housing that is above the equilibrium rent,then the

(Multiple Choice)

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Question 6

A production quota

(Multiple Choice)

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Question 7

Suppose the demand for gasoline is inelastic,but not perfectly inelastic,and the supply is elastic,but not perfectly elastic.A tax on gasoline is paid

(Multiple Choice)

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Question 8

Use the table below to answer the following questions. Table 6.1.1 -Refer to Table 6.1.1,which gives the demand schedule and the supply schedule for the apartment market in Anytown,Alberta.If a rent ceiling of $300 is imposed in the apartment market,then

(Multiple Choice)

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Question 9

Use the figure below to answer the following questions. Figure 6.3.2 -Refer to Figure 6.3.2.The amount of the tax per unit is

(Multiple Choice)

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Question 10

An effective rent ceiling

(Multiple Choice)

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Question 11

The buyer pays most of a tax if demand is relatively inelastic because

(Multiple Choice)

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Question 12

Use the figure below to answer the following questions. Figure 6.3.2 -Refer to Figure 6.3.2.Government revenue from the tax is

(Multiple Choice)

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Question 13

In an unregulated housing market with no rent ceiling,the rent is determined by the

(Multiple Choice)

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Question 14

If enforcement is aimed at sellers of an illegal good,the

(Multiple Choice)

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Question 15

Use the figure below to answer the following questions. Figure 6.3.1 -Refer to Figure 6.3.1 showing the market for frisbees before and after a tax is imposed.On each frisbee,the sellers' share of the tax is

(Multiple Choice)

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Question 16

A subsidy

(Multiple Choice)

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Question 17

Use the table below to answer the following questions. Table 6.4.1 -Refer to Table 6.4.1.The table shows the demand and supply schedules for rice.The market for rice is in equilibrium.With a subsidy of $0.30 a box,the price of a box of rice is ,the marginal cost of producing rice is a box,and the quantity of rice produced is boxes.

(Multiple Choice)

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Question 18

Which one of the following is not likely to be an outcome of a rent ceiling?

(Multiple Choice)

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Question 19

An effective production quota is

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Question 20

Showing 1 - 20 of 125

Use the table below to answer the following questions. Table 6.5.1 The Market for a Prohibited Good -Refer to Table 6.5.1.If a $2-per-unit cost of breaking the law is imposed on buyers,the new price is and the new equilibrium quantity is units.

Suppose the demand for CDs is elastic,but not perfectly elastic,and the supply is inelastic,but not perfectly inelastic.A tax on CDs is paid

Complete the following sentence.A price floor set below the equilibrium price results in

All of the following statements about legalizing and taxing drugs are true except

If the government imposes a maximum rent for housing that is above the equilibrium rent,then the

A production quota

Suppose the demand for gasoline is inelastic,but not perfectly inelastic,and the supply is elastic,but not perfectly elastic.A tax on gasoline is paid

Use the table below to answer the following questions. Table 6.1.1 -Refer to Table 6.1.1,which gives the demand schedule and the supply schedule for the apartment market in Anytown,Alberta.If a rent ceiling of $300 is imposed in the apartment market,then

Use the figure below to answer the following questions. Figure 6.3.2 -Refer to Figure 6.3.2.The amount of the tax per unit is

An effective rent ceiling

The buyer pays most of a tax if demand is relatively inelastic because

Use the figure below to answer the following questions. Figure 6.3.2 -Refer to Figure 6.3.2.Government revenue from the tax is

In an unregulated housing market with no rent ceiling,the rent is determined by the

If enforcement is aimed at sellers of an illegal good,the

Use the figure below to answer the following questions. Figure 6.3.1 -Refer to Figure 6.3.1 showing the market for frisbees before and after a tax is imposed.On each frisbee,the sellers' share of the tax is

A subsidy

Which one of the following is not likely to be an outcome of a rent ceiling?

An effective production quota is

What Is Economics

The Economic Problem

Demand and Supply

Elasticity

Efficiency and Equity

Global Markets in Action

Utility and Demand

Possibilities, preferences, and Choices

Output and Costs

Perfect Competition

Monopoly

Monopolistic Competition

Oligopoly

Externalities

Public Goods and Common Resources

Markets for Factors of Production

Economic Inequality

Filters

Exam 6: Government Actions in Markets

Use the table below to answer the following questions. Table 6.5.1 The Market for a Prohibited Good -Refer to Table 6.5.1.If a $2-per-unit cost of breaking the law is imposed on buyers,the new price is ________ and the new equilibrium quantity is ________ units.

Suppose the demand for CDs is elastic,but not perfectly elastic,and the supply is inelastic,but not perfectly inelastic.A tax on CDs is paid

Complete the following sentence.A price floor set below the equilibrium price results in

All of the following statements about legalizing and taxing drugs are true except

If the government imposes a maximum rent for housing that is above the equilibrium rent,then the

A production quota

Suppose the demand for gasoline is inelastic,but not perfectly inelastic,and the supply is elastic,but not perfectly elastic.A tax on gasoline is paid

Use the table below to answer the following questions. Table 6.1.1 -Refer to Table 6.1.1,which gives the demand schedule and the supply schedule for the apartment market in Anytown,Alberta.If a rent ceiling of $300 is imposed in the apartment market,then

Use the figure below to answer the following questions. Figure 6.3.2 -Refer to Figure 6.3.2.The amount of the tax per unit is

An effective rent ceiling

The buyer pays most of a tax if demand is relatively inelastic because

Use the figure below to answer the following questions. Figure 6.3.2 -Refer to Figure 6.3.2.Government revenue from the tax is

In an unregulated housing market with no rent ceiling,the rent is determined by the

If enforcement is aimed at sellers of an illegal good,the

Use the figure below to answer the following questions. Figure 6.3.1 -Refer to Figure 6.3.1 showing the market for frisbees before and after a tax is imposed.On each frisbee,the sellers' share of the tax is

A subsidy

Which one of the following is not likely to be an outcome of a rent ceiling?

An effective production quota is

What Is Economics

The Economic Problem

Demand and Supply

Elasticity

Efficiency and Equity

Global Markets in Action

Utility and Demand

Possibilities, preferences, and Choices

Output and Costs

Perfect Competition

Monopoly

Monopolistic Competition

Oligopoly

Externalities

Public Goods and Common Resources

Markets for Factors of Production

Economic Inequality

Filters

Use the table below to answer the following questions. Table 6.5.1 The Market for a Prohibited Good -Refer to Table 6.5.1.If a $2-per-unit cost of breaking the law is imposed on buyers,the new price is and the new equilibrium quantity is units.